larry summers fed chair
A coalition of progressive groups and big donors pressed Senate Banking Committee members to oppose a Summers nomination
Former U.S. Treasury Secretary Larry Summers has removed his name from consideration for Federal Reserve chair, The Wall Street Journal reported on Sunday.
Looking backwards at this debacle, it's clear that Obama's economic team did not serve him well, either substantively or tactically. Summers as chair of the Fed was always going to be a lightning rod, because of his temperament, his sketchy record as president of Harvard, his close association with the deregulation that invited the financial collapse, and the high-profile consulting gigs on Wall Street that he took since leaving government in 2010. Tactically, what unfolded in August and September was bizarre. Instead of the administration vetting Summers for hidden confirmation problems, deciding that he was an acceptable risk, and Obama announcing the appointment, what we got was a slow drip of leaks that Summers was the president's first choice. But that only served to rally Summers' opposition. It would have been much more difficult for opposition within the Democratic Party to fester if Obama had simply announced his choice.
In addition to Yellen, Obama has interviewed former Vice Chair Donald Kohn for the chairmanship. In recent weeks, Democratic
Democratic leadership in the Senate have warned Obama that a Summers nomination will result in a "very tough" confirmation
Democrats worry that Summers would be too friendly to Wall Street and that his gruff leadership style could put the stability
The letter seems to be a veiled critique of former Obama economic adviser Larry Summers, who was a champion of deregulation
In the interest of fairness, I also wanted to weigh in briefly on ways in which Larry Summers views on financial market oversight, a critical part of the job of Fed chair, have been misrepresented in some accounts.
The widening circle applauding megamillionaire Larry Summers -- of Harvard University, Washington, D.C. and Wall Street -- agrees on one word to describe the colossal failure -- Brilliant!
"I wouldn't want Larry Summers to mow my yard." That little gem was uttered Monday by Senator Pat Roberts in what has to be a fight the White House really doesn't want to have right now.